Fredrik Millde, interim CEO of the Nordic KYC Utility

Six Nordic banks including Danske Bank A/S, DNB Bank ASA, Nordea Bank Abp, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken AB and Swedbank AB have collaborated with an aim to develop a platform for the processing and handling KYC data. The joint venture is aiming for its commercial launch in 2020.

“The collaboration between all banks has been both effective and successful. Together, we have in a short period of time worked on a Nordic KYC utility standard for compliant KYC information and explored alternatives for a future digital solution. As we have now received the green light from the European Commission, we are ready to move forward with our plans,” says Fredrik Millde, interim CEO of the Nordic KYC utility.

The new company is expected to offer KYC services to the large and medium-sized Nordic companies and develop a standardised process for handling KYC data. The joint venture, Nordic KYC Utility, aims to combat financial crime in the Nordic region.

The six banks will be investing an equal share in Nordic KYC Utility.

by Megha Bhattacharya
Market Analyst at IBS Intelligence